Argentina loosens currency change rules to fight informal exchanges

Source: Daily Mail UK
By: Luc Cohen
11.03.2016

BUENOS AIRES, Nov 3 (Reuters) - Argentina will ease regulations on opening and operating currency exchange businesses, the central bank said on Thursday, making it easier for tourists to buy pesos at hotels, restaurants and banks.

The measures are yet another blow to informal money changers who have experienced falling demand for their services under President Mauricio Macri.

Informal currency exchange proliferated in Argentina under former populist President Cristina Fernandez, whose currency controls drove local demand for U.S. dollars. Tourists could change their home currency informally at the more favorable unofficial "blue" rate than at banks or formal exchange houses.

So-called "arbolitos" - "little trees," owing to the dollar's green color - still line the corners and storefronts of Buenos Aires' touristy Florida street offering "cambio" to visitors and locals alike willing to risk an occasional counterfeit bill.

But the incentive to change money informally has fallen since Macri allowed the peso to float shortly after taking office in December, nearly closing the gap between the official and "blue" exchange rates.



External Link: CLICK HERE FOR FULL ARTICLE.

  • VII Concurso Internacional de Vinhos do Brasil (Wine)
  • New York Times 36 Hours in Buenos Aires
  • Alternative Latin Investor
  • Artful Living (Mansion)
  • Avid Magazine (AWE)
  • BlackBook Mag (Mansion)
  • CNN (AWE)
  • Conde Nast Traveler (Mansion)
  • Delta Sky Magazine (Mansion)
  • Departures (AWE)
  • Elite Traveler (Mansion)
  • Finger Lakes International Wine Competition (Wine)
  • Fodor's Choice 2013 (Mansion)
  • Fodor's Choice 2013 (Wine Estates)
  • Fodors (AWE)
  • Forbes Life (Mansion)
  • Frommer's Best Vineyards & Hotels Around the World
  • Andrew Harper’s Grand Awards 2013
  • International Wine Challenge U.K.
  • 2013 International Wine & Spirit Competition (Wine)
  • Kiwi Collection (Mansion)
  • Kiwi (AWE)
  • National Geographic Traveller 2012
  • Order Wine Direct (Wine)
  • Robb Report Exceptional Places 2012
  • Tablet Hotels (Mansion)
  • Telegraph (AWE)
  • Mediterranean International Wine & Spirits Challenge (Wine)
  • Travel+Leisure
  • Trip Advisor Top 25 Hotels for Romance Argentina
  • Unique Homes (AWE)
  • USA Today (Mansion)
  • 2013 Vinalies Internationales Paris d'or (Wine)
  • Vinandino 2013 (Wine)
  • VINUS 2014 (wine)
  • WAWWJ 2014 (Wine)
  • Wine Enthusiast (AWE)